Friday, September 10, 2010

The Big Short - Michael Lewis

The 2008 Wall Street implosion was so bad that even the few, most notably Steve Eisman and Mike Burry, that were right in predicting the Armageddon and made boatloads of money off this clusterfuck weren't exactly elated when it actually happened.  That's how bad it was.
I almost failed to finish Lewis' book, primarily because I kept going back to read what I didn't understand when I was commuting to and from work between sleeping and standing on the train.  In the end, I just gave up understanding because you know the big time CEO's and all bold faced regulators didn't understand credit default swaps or CDO's either.  I am just ignorant if not fabulously and murderously so like the Wall Street type.  I read it as a work of fiction and for its entertainment value.  I enjoy the prose and the narrative because they are witty, wise and vulgar.  What I perhaps don't enjoy is even I've known it prior to reading the book, there aren't exactly any losers on Wall Street.  The CEO's and traders who lost billions and ran their firms to bankruptcy still got to reap millions in compensation very much at the expense of shareholders and tax payers money.  They really got a lot of something for nothing.

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